Mr. Quinn, a single taxpayer, recognized a $900 net short-term capital gain and a $1,380 long-term capital gain this year. Which of the following statements is false? Multiple Choice If Mr. Quinn's taxable income excluding his capital gains is $30,000 (marginal tax rate of 12%), the total income tax on his capital gains is $108. If Mr. Quinn's taxable income excluding his capital gains is $530,000 (marginal tax rate of 37%), the total income tax on his capital gains is $609. Only $1,380 of the capital gain is subject to a preferential tax rate. None of these choices are false.

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.